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Mid-sized businesses to seek Turkish opportunities

The first ever UK Trade and Investment visit to focus exclusively on opportunities for mid-sized businesses in an emerging market, will take place in April.

A delegation of MSBs will be lead by Trade and Investment Minister Lord Green, and John Cridland, director general of the CBI to Turkey.

Described as a “forgotten army,” the UK’s 10,000 mid-sized businesses account for one fifth of the private sector.

The Government hopes to unlock a potential £20bn annual GDP, using MSBs, in the next ten years.

Government, business and representative groups are working together to provide tailored support to MSBs to target new export markets, through an additional £10m funding for UKTI.

LEPs will help to develop local networks and improve their export potential and leadership management capability, while The Institute of Directors is creating a directory of potential non-executive directors, helping MSBs to learn more about the expertise they can bring, and to find the right NED for their business.

To address issues around access to finance, a task force on non-bank lending, led by Tim Breedon of Legal & General, has been set up.

Business and Enterprise Minister, Mark Prisk announced Dame Helen Alexander of the CBI, Julian Franks of the London Business School and Xavier Rolet of the London Stock Exchange, among the members of the industry-led group which will report in time for budget.

In addition to this, the Government is working with large businesses, including Mircosoft, Centrica and Diageo, to support and strengthen their supply chains of which MSBs are often a vital link.

The Institute for Family Business will provide countrywide seminars dedicated to MSB, including on entrepreneurship, succession planning and professionalising the board.

Mr Prisk, said: “Mid-sized businesses are a powerful force in their local economies and nationally, employing one in five private sector workers.

“MSBs have immense potential and we want to help them to be recognised for what they do and to raise their sights to the opportunities that exist.

“So I’m very pleased that the Government and organisations such as the Confederation of British Industry, Institute of Directors, Institute for Family Business and others are working together on a series of practical measures to promote the support available for MSBs

“I’m also delighted that John Cridland of the CBI will accompany Lord Green to Turkey. Britain could be £20 billion a year richer if MSBs reach their full potential exporting to fast-growing markets.”

John Cridland, commented that it was a welcome first step on the journey to creating sustainable growth.

He said: “To support our MSBs, we need to boost their confidence, raise their ambitions, and help scale-up their capabilities.

“If we do this, and plug the current gap in long-term finance available to MSBs, we think they could contribute an additional £20bn to the economy by 2020.

“As well as being a strong voice for MSBs, in 2012 the CBI will launch its own programme of activity offering firms practical help through a series of new regional clubs.

“These will give business leaders of MSBs the opportunity to learn from each other and hear from experts about the challenges of exporting, financing growth and scaling up their business.”

Andrew Main Wilson, chief operating officer of the IOD, reiterated the usefulness in appointing experienced non-executive directors, and Grant Gordon, director general of the Institute of Family Business said he wanted to see family firms continue to play a powerful role in growth.

This was posted in Bdaily's Members' News section by Tom Keighley .